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High Rates---Horrible Reviews

happyharold4
  |     |   388 posts since 2022

It seems pretty consistent that the FI's that offer the better rates also have the most horrific reviews. I try to move past that and look hard at the FI's overall performance and stability. Chasing just the rates, like at SaveBetter etc may turn out to be a lose/lose situation when the house of cards falls. I'm trying to add a couple new banks, but admittingly it's a very frustrating process.

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sams1985
  |     |   781 posts since 2022
I’m thinking we need to make a list of all the top tier institutions with an easy account opening process and high rates.
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happyharold4
  |     |   388 posts since 2022
I'm in Barkley, Ally, Synchrony, and LiveOak and am a long term client and feel comfortable with them. Just because they are FDIC insured doesn't mean they are reputable. Synchrony has a 19 month cd at 4.75 which I think is worth adding toward short term laddering. Instead of really large accounts, I try to open several in the 25K range, ( just me there ), not suggesting that for others. My preference right now is, " No Penalty " accounts. Overall I agree with waiting until after the next Fed hike to see how all plays out.
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Choice
  |     |   937 posts since 2020
Bad reviews are (usually) not posted by competition, people take time to complete them since they want to convey "strong feelings," and they do convey a "message." I always start by reading bad reviews and work up/down as the case may be. Perhaps "overall performance and stability" relates to....kind of reviews?  Sometimes I ask the entity in question why the review and why wasn't it rebutted/corrected...I think that a FI should monitor reviews and reply as appropriate.  Otherwise there is some wisdom to the concept that leaving it posted indicates a form of ratification of same!   Good Luck
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planxy
  |     |   140 posts since 2013
FIs will ALWAYS justify what happened after the fact as "policy" for anything hinky, the policy often being made up after the fact and/or at the discretion of some employee or manager, thus saving face. Some sites will REMOVE bad reviews on request of the reviewed: specifically TrustPilot.
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planxy
  |     |   140 posts since 2013
The better rates may often be really intended for locals near branches or some (often unclear who) favored group of people. Outsiders get to jump through multiple hoops even before being denied. One warning sign is a hard credit pull just to open savings deposits or even join. Another is documentation beyond the original application, likely going through an underwriter, you know the guy whose income has always been from denying applications for mortgages and now also is for denying savings/checking.
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